The Internal Revenue Service reminded professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they plan to prepare returns in 2014. Current PTINs expire Dec. 31, 2013.
Out of about 12,000 Tennessee tax preparers who have PTINs, more than 5,900 have not yet renewed. Anyone who prepares or helps prepare all or substantially all of a federal tax return, claim for refund or other federal forms for compensation must have a valid PTIN. All enrolled agents also must have a PTIN.
The annual PTIN requirement is part of the IRS’s ongoing effort to enhance tax administration and improve services to taxpayers.There are approximately 700,000 tax preparers nationwide with 2013 PTINs. More than 400,000 have already renewed their PTIN, plus more than 25,000 have obtained a first-time PTIN for 2014.